XRP price is slowly moving above the $0.5200 zone. Currently, the rate is facing headwinds near USD 0.5320 and may correct its decline in the near future.
- XRP tries modern rally above the $0.5250 zone.
- The price is currently above $0.5220 and the 100-hour uncomplicated moving average.
- On the hourly chart, the XRP/USD pair broke below a key uptrend line with support at $0.5260 (Kraken data source).
- Before the bulls re-emerge, the pair may correct lower towards the $0.5220 support.
The price of XRP is becoming more attractive
The price of XRP remained well supported above the $0.5120 zone and continued its rise similar to Bitcoin and Ethereum. The price was able to break through the USD 0.5200 and USD 0.5250 levels.
There was a clear move above the resistance at $0.5300 and the price tested the $0.5320 zone. The maximum was formed at USD 0.5325 and the price is currently correcting increases. It was trading below the 23.6% Fib retracement level resulting from the upward move from a low of $0.5080 to a high of $0.5325.
There was also a break below the key uptrend line with support at $0.5260 on the hourly chart of the XRP/USD pair. The pair is currently trading above $0.5220 and the 100-hour uncomplicated moving average.
On the other hand, the price is facing resistance near the USD 0.5200 level. The first key resistance is located near USD 0.5320. The next major resistance is near the $0.5350 level. A close above the resistance zone at $0.5350 could result in a price rally. The next key resistance is around USD 0.550.
If there is a close above the $0.550 resistance level, there could be a steady rally towards the $0.5560 resistance level. Any further upside could push the price towards the resistance at $0.5650.
More losses?
If XRP fails to break the resistance zone at $0.5350, it may continue to decline. Initial downside support is near the $0.5260 level.
The next major support is located at $0.5200 or the 50% Fib retracement level moving up from a low of $0.5080 to a high of $0.5325. If there is a breakout and close below the $0.520 level, the price may accelerate lower. In this case, the price may drop and retest the support at USD 0.5120 in the near future.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – USD 0.5260 and USD 0.5220.
Major resistance levels – USD 0.5300 and USD 0.5320.
